Victoria Gold

Operational Update

WHITEHORSE, Yukon, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) is pleased to provide an update on the status of operations at the Eagle Gold mine (“Eagle”) in Yukon, Canada.

Following the second evacuation of Eagle on August 4, 2023, due to the proximity of the East McQuesten wildfire, favourable conditions allowed for the return of employees to site on August 10^th (see release dated August 9, 2023). Full production rates at the operation were resumed on August 11^th. Yukon Wildland Fire Management demobilized from Eagle on August 13^th.

Separately, the evacuation order for the village of Mayo was lifted on August 13^th and the Company has re-established its normal supply chain and crew change logistics.

Mr. John McConnell, President and CEO commented, “We are pleased that operations have returned to normal. Rainy conditions over the past week have significantly reduced the wildfire risk near Eagle. We would like to thank our employees and contractors for their excellent response to this situation, which allowed a smooth restart of production. The Yukon Wildland Fire Management team provided a comprehensive, professional response to the East McQuesten wildfire for which we are grateful. We are also pleased to see the evacuation order lifted for the residents of Mayo. Our thoughts are with the residents of Yellowknife, Kelowna and the many other communities across Canada and internationally who continue to be affected by wildfires.”

Qualified Person
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About the Dublin Gulch Property
Victoria Gold's 100%-owned Dublin Gulch gold property (the “Property”) is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year round, and is located within Yukon Energy's electrical grid.

The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon's newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the "Measured and Indicated" category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the "Inferred" category.